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Financial News: New York Manufacturing Index Jumps Much More Than

New York Manufacturing Index Jumps Much More Than Expected In June

06/15/2020 - 08:38:00 (RTTNews)

(RTTNews) - Manufacturing activity in New York steadied in the month of June after seeing sharp contractions in April and May, according to a report released by the Federal Reserve Bank of New York on Monday.

The New York Fed said its general business conditions index spiked to negative 0.2 in June from negative 48.5 in April. A negative reading indicates a contraction in regional manufacturing activity.

The jump by the index far exceeded the estimates of economists, who had expected the index to surge up to negative 27.5.

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